Gionee eyes USD 1 billion of Revenue in India next fiscal year

After increased its smartphones sales in India, now China-based Gionee is targeting USD 1 billion here in next fiscal year, as per an Economic Times report. The company plans to expand its smartphone portfolio in India with the launch of dual-SIM 4G LTE smartphones, priced between INR 9,999 and INR 25,000. The device is expected to rolled out by August 15, available with support for 9 Indian languages, said Arvind Vohra, head of India operations.

The company posted Rs 520 crore revenue in the first quarter of the ongoing financial year that started in April. If there’s a tailwind, the revenue should become higher. We are expecting Rs 3,000-3,500 crore by end of this (fiscal) year and aim to become a $1-billion company by end of FY16,” Arvind told ET.

According to market research firm Gfk, the company has a monthly marketshare of 3% in the country. “We are expecting 4% yearly marketshare by the end of this year,” Vohra said. Gionee is also developing its Android-based operating system AMIGO 2.0 for the Indian market.